This fireside chat recap is from Day 2 of FreightWaves’ Future of Supply Chain live event in Rogers, Arkansas. For more information and content from the event, click here.
FIRESIDE CHAT TOPIC: How AI will be used in reverse and forward logistics for e-commerce shipping.
DETAILS: The massive surge in e-commerce over the past couple of years has opened significant opportunities for founders and the venture capitalists who support them — but is the door closing on those opportunities as freight...
Fresh off two consecutive rounds of fundraising that landed it $300 million in just three months’ time at a $1.6 billion valuation, last-mile delivery firm Veho is now focused on scaling its business. The company on Wednesday took a step in that direction, announcing the acquisition of QuikReturn, a post-purchase reverse logistics firm.
Terms were not disclosed.
“We have been incredibly impressed with the technology and carbon-neutral pickup platform the QuikReturn team has developed — both of...
UPS said this week that it expects to handle 60 million returned packages through Jan. 22, a 10% increase over last year, with 25% of Americans expected to make at least one return.
That delivery strain reverberates throughout the entire supply chain, and inefficient and manual processes can cut into brands’ revenue as returned items sit in warehouses, unable to be resold.
Warehouse automation company Berkshire Grey is hoping to ease some of that pain with its new Reverse Logistics software...
https://www.freightwaves.com/news/berkshire-grey-flips-the-switch-on-returns-and-reverse-logistics
This holiday season is expected to be even better than the blockbuster 2020 season, with new research from Deloitte predicting holiday retail sales will increase between 7% and 9% over 2020. E-commerce is expected to grow between 11% and 15% this year, reaching at least $210 billion and as much as $218 billion. Total retail sales are forecast to be $1.28 trillion to $1.3 trillion.
“We anticipate strong consumer spending for the upcoming holiday season. As vaccination rates rise and consumers are...
https://www.freightwaves.com/news/free-stuff-returnless-refunds-can-define-the-customer-journey
Estimates for e-commerce return rates range from a low of about 8% to as much as 35%, depending on the source. Most experts have centered on estimates of 25% to 30% of all items purchased online being returned.
Some brands make it easier than others to process returns, but for customers, even those often rely on packing the item up, printing out a shipping label, and perhaps most worrisome, waiting sometimes days or even weeks for the brand to refund the purchase price.
Happy Returns has been...
The retail customer journey has been changed forever. No longer is going to a physical store and browsing the aisles the only method of shopping. More browsing than ever is taking place online, more sales than ever are occurring in digital spaces and more pressure on retailers is driving change – and new challenges – that continue to alter the shopping experience.
Understanding these changes are key to creating successful customer journeys. More importantly, though, is understanding what the...
https://s29755.pcdn.co/news/shipping-speed-transparency-continue-to-trip-up-e-commerce-brands
With e-commerce having grown more than 32% year-over-year in 2020, retailers are facing growing problems with on-time delivery and the return process. An estimated 30% of all products ordered online are returned, and 92% of consumers in a YouGov survey said they would buy again from an online retailer if the returns process was easy.
The returns experience is an extension of the delivery experience, and both impact the overall consumer experience. More brands are looking for end-to-end solutions...
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To view more FreightWaves infographics, click here.
https://www.freightwaves.com/news/daily-infographic:-the-perfect-holiday-storm
As e-commerce has grown, so too has the problem of returns for brands. A National Retail Federation and Appriss Retail survey of 62 retailers published on Jan. 11 found that $101 billion worth of goods was returned during the 2020 holiday period, and for the year, over $428 billion in merchandise was returned in 2020, representing 10.6% of total U.S. retail sales.
FedEx’s (NYSE: FDX) Ryan Kelly, vice president of global e-commerce marketing, told FreightWaves in January that 52% of people...
https://s29755.pcdn.co/news/reverse-logistics-firms-narvar-cycleon-team-to-offer-returns-solution
ReverseLogix Corp., a cloud-based platform for automating reverse logistics, announced Thursday it has raised $20 million in first-round funding from Cambridge Capital.
Along with the investment, Cambridge Capital’s Benjamin Gordon and Matt Smalley have joined ReverseLogix’s Board of Directors. Together, the team aims to create a modular SaaS platform to execute the tangled processes of end-to-end reverse logistics.
“After bootstrapping ReverseLogix for over 6 years, I am excited to announce...
https://s29755.pcdn.co/news/cambridge-capital-invests-$20m-joins-board-of-reverselogix